NOMINATIONS can now be lodged for the Entrepreneur of the Year Award with a category for young go-getters also launched.
The new prize will recognise younger entrepreneurs and those helming less established enterprises, said the Rotary Club of Singapore and the Association of Small and Medium Enterprises, which jointly organise the awards.
The new Young Entrepreneur category is for candidates aged 21 or older and who have spent between two and eight years operating their business. The firm itself must employ fewer than 200 people and cannot exceed $20 million in turnover.
Other than an overall winner, the new Young Entrepreneur category will have prizes for the best business strategy, innovation and social contribution.
The awards, which are in their 25th year, have made other small changes as well.
The coveted Entrepreneur of the Year honour will now be known as the Established Entrepreneur category and is open to people above 25 and who have operated their business for at least three years.
Firms led by candidates in this category must either have a turnover of no more than $100 million or employ fewer than 200 people.